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I took money from a retirement account I won in a divorce.. called it a quadro...taxes already taken out why claim on my tax rtn
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Answered on September 28, 2014
The taxes withheld upon distribution is an estimate of your actual tax liability. The actual tax liability is based upon all of your income and...
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Archived
Sold some investments. Result was Fed refund 1200 & MA 881. MA refuses. Do I have any recourse?
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Answered on September 28, 2014
Yes, you have recourse. You can speak with the MA DOR and ask for a supervisor or manager if you do not get satisfaction. For now, I recommend...
Archived
In order to get a tax lien withdrawn, it is my understanding that you need to owe under $25,000.
Is that 25,000 original tax or
E.'s answer
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Answered on September 18, 2014
There is a bit of grey area in this matter. First of all, if you have special situations, you can often get your tax lien withdrawn if you can...
Archived
How does the IRS Allow Tax Preparer's stay in busiiness
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Answered on September 18, 2014
The previous answer is accurate. Adding to that, one should understand that the IRS is an agency that has been mutilated financially by Congress. ...
Archived
If I divorce my husband will his taxes for his sole business fall back on me he is a LLC and I'm not listed on his business
E.'s answer
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Answered on September 18, 2014
The previous answer is generally on point. However, the spousal relief you would seek is "innocent" spouse relief, not "injured" spouse relief. ...
Archived
Judge ordered I file taxes jointly with my ex for the year we separated and split the refund. What happens if I file separate
E.'s answer
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Answered on September 18, 2014
I agree with the others that your best relief is to go back to the divorce venue. However, the IRS will go after both spouses and collect from...
If I change from a sole proprietor to an LLC with an S-corp tax election late in the year, can I still file taxes as an S-Corp?
E.'s answer
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Answered on September 18, 2014
Neither of your alternatives is correct. If you form your LLC today and "contribute" your business into it, all of your income through the date of...
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Archived
If a client pays 80% of daily rate/day & remaining 20% only at the delivery of the final product, is the 20% taxed differently?
E.'s answer
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Answered on September 18, 2014
Your question is a bit unclear. Let me answer it in the form of employee compensation. All income received by an employee, whether a bonus or a...
Archived
Are tax deductions for customers buying products from a 501c organization possible?
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Answered on September 18, 2014
If customers are paying market value for the products, no deduction is allowed. If they are paying above market value due to the charitable...
Archived
To accept or solicit donations or contributions from the public must a non profit corporation be formed
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Answered on September 18, 2014
You want your organization to be a 501(c)(3) qualifying charity for IRS purposes. This enables you to attract deductions that will be tax...
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